The fate of the San Jose Earthquakes soccer team is looking up today, as it appears the franchise might be staying in the Bay Area after all.

The deadline for a group of local investors interested in purchasing the Major League Soccer franchise to come forward has been extended, according to Tony Amanpour, the chief investor proposing to buy the team.

Team owner Anschutz Entertainment Group originally set a deadline of Sept. 17 for Soccer Silicon Valley (SSV), a local grassroots organization, to find an investment team and a proposed site for a new stadium.

AEG has proposed moving the team to Houston or San Antonio due to poor ticket sales and the failure to obtain a permanent stadium, according to McCarthy.

SSV President Colin McCarthy said the group has been working with Amanpour to develop an investment team, however one had not been finalized as today's deadline passed.

Talks between Amanpour and AEG Chief Operating Officer Scott Blackmun on Thursday were successful though, prompting an extension of the deadline as Amanpour continues work on solidifying a Bay Area soccer franchise.

"All in all, I think we are in good shape," Amanpour said. "I feel the events and critical steps discussed are doable."

Amanpour, the president and chief executive officer of Campbell-based First Portfolio mortgage company, is proposing partial ownership of the team to other prominent founders of local companies.

The terms of agreement proposed by AEG calls for the investment team to come up with $10 million for the franchise and an additional $20 million for operating costs.

Poor attendance again puts the team in a position to lose money, however Amanpour is looking at the big picture.

"It's really a good investment since soccer has a following larger than all religions combined," Amanpour said. "With the vision we have, we think we can become a part of the soccer world. We're thinking big."

Keeping the team in the Bay Area is contingent upon finding a site for a new stadium devoted solely to the franchise, according to Amanpour.

Amanpour said the Earthquakes, who were known as the Clash until 1999, could also move to San Francisco or Santa Clara, as the main goal is to keep the team in the Bay Area.

The team currently plays in San Jose State University's Spartan Stadium, and has won two of the last three league championships.

AEG owns five of the 10 current Major League Soccer franchises, including team rival Los Angeles Galaxy, the only other team to win the championship the last three years.

McCarthy said AEG would retain ownership of the team if it moves to San Antonio, however if the team goes to Houston they would likely sell the rights to "Club America," a Mexican investment team.

If talks to continue to go successfully, AEG could execute a letter of intent with Amanpour by Oct. 1, according to a team spokesman.

AEG expects to announce the definitive location where the Earthquakes will play next year by Oct. 29.

The upcoming season is scheduled to start in March 2005.

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